System should be made free of corruption, Rs 2000, Rs 500 notes not needed: Andhra CM Chandrababu Naidu

"Rs 100, 200 notes are enough. All transactions should be made online," Naidu added.

“Systems should be made corruption free. What is the need of Rs 2000 note? Even Rs 500 note is also not needed, (sic)” Naidu was quoted as saying by ANI. (Reuters)

Andhra Pradesh CM Chandrababu Naidu on Saturday said that there is hardly any need of high-value currency notes. The chief minister said that entire system should be made corruption free, adding, that Rs 500 note is not needed. “Systems should be made corruption free. What is the need of Rs 2000 note? Even Rs 500 note is also not needed, (sic)” Naidu was quoted as saying by ANI. The chief minister added that all transactions should be made online. “Rs 100, 200 notes are enough. All transactions should be made online,” Naidu added. Following Centre’s move to demonetise high-value currency notes of Rs 1,000 and Rs 500 notes last November, the Reserve Bank of India had introduced Rs 2,000 notes and new Rs 500 notes.

Recently, RBI launched new Rs 200 notes and said it will shortly ramp up the supply of the new currency note across the country. The new currency notes have been launched with specific themes. The Rs 200 bill bears motif of Sanchi Stupa to depict India’s cultural heritage. While the base colour of the note is bright yellow, the RBI said. As per RBI, the note has been launched to provide the “missing link” and ensure the optimal mix of currency denominations.

The note launch is also aimed to make it easier for the common man to transact in lower denomination currencies. “These notes are available only through select RBI offices and banks as is normal when a new denomination of notes is introduced and the supply increases gradually,” the RBI was quoted as saying by PTI.

The production of these notes is being “ramped up by the currency printing presses, and over time as more notes are printed, it will be distributed across the country through the banking channels and will be available for public in adequate quantity”, added a press release by RBI.